After a year-long global consultation involving insurance industry leaders, mayors and other local government leaders, and key stakeholders, the Insurance Industry Development Goals for Cities were launched in Montréal on 22 June at the ICLEI World Congress 2018. The goals set the global agenda for the industry and cities in the context of economic, social and environmental sustainability—or sustainable development.
The goals cover key urban challenges and opportunities and possible actions across the insurance industry’s risk management, insurance and investment activities. They cover natural disasters, health and pollution, social and financial inclusion, protecting natural and cultural heritage sites, resilient infrastructure, sustainable energy and resource efficiency, and nature-based solutions. The goals also include enabling factors—data, risk analytics and technology; risk management, insurance and financial literacy; climate and disaster risk management, and city sustainable insurance roadmaps.
The goals are a result of the global partnership between UN Environment’s Principles for Sustainable Insurance Initiative (PSI), the largest collaborative initiative between the UN and the insurance industry, and ICLEI – Local Governments for Sustainability, the leading global network of more than 1,500 cities, towns and regions. The PSI and ICLEI joined forces in December 2016 to create the largest partnership between the insurance industry and cities.